Do Firms in Emerging Markets Follow Different Dividend Policies From Those in the US : Evidence From Firms in Eight Emerging Countries October , 2001

@inproceedings{Aivazian2001DoFI,
  title={Do Firms in Emerging Markets Follow Different Dividend Policies From Those in the US : Evidence From Firms in Eight Emerging Countries October , 2001},
  author={Varouj Aivazian and Laurence Booth and Sean Cleary},
  year={2001}
}
We examine the dividend policy of a sample of companies from eight emerging markets, and compare them to a sample of 99 US companies. The comparison is motivated by the observation that much of dividend policy theory is implicitly based on a capital market perspective. This perspective assumes arms length financing and generates dividend policy implications from models of signalling and information asymmetries. In contrast, financial systems in emerging markets tend to be more bankoriented… CONTINUE READING

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